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September 2019 Severn Rent Report

Welcome to the September 2019 Severn Rent Report. Severn rents increased over the past month. In this report, we'll evaluate trends in the Severn rental market, including comparisons to cities throughout the metro, state, and nation.

September 2019 Severn Rent Report

Welcome to the September 2019 Severn Rent Report. Severn rents increased over the past month. In this report, we'll evaluate trends in the Severn rental market, including comparisons to cities throughout the metro, state, and nation.

Severn rents increased significantly over the past month

Severn rents have increased 0.4% over the past month, and have increased significantly by 4.1% in comparison to the same time last year. Currently, median rents in Severn stand at $1,353 for a one-bedroom apartment and $1,697 for a two-bedroom. This is the tenth straight month that the city has seen rent increases after a decline in October of last year. Severn's year-over-year rent growth leads the state average of 2.2%, as well as the national average of 1.5%.

Rents rising across the Baltimore Metro

Throughout the past year, rent increases have been occurring not just in the city of Severn, but across the entire metro. Of the largest 10 cities that we have data for in the Baltimore metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Essex has the least expensive rents in the Baltimore metro, with a two-bedroom median of $1,122; additionally, the city has seen the fastest rent growth in the metro over the past month (0.5%).

Over the past month, Annapolis has seen the biggest rent drop in the metro, with a decline of 1.1%. Median two-bedrooms there cost $1,928, while one-bedrooms go for $1,537.

Columbia has the most expensive rents of the largest cities in the Baltimore metro, with a two-bedroom median of $1,981; rents grew 0.3% over the past month and 3.0% over the past year.

Many large cities nationwide show more affordable rents compared to Severn

As rents have increased significantly in Severn, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Severn is less affordable for renters.

Severn's median two-bedroom rent of $1,697 is above the national average of $1,191. Nationwide, rents have grown by 1.5% over the past year compared to the 4.1% increase in Severn.

While Severn's rents rose significantly over the past year, many cities nationwide also saw increases, including Austin (+3.2%), Nashville (+2.8%), and Boston (+2.2%).

Renters will generally find more expensive prices in Severn than most large cities. For example, Detroit has a median 2BR rent of $895, where Severn is nearly twice that price.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Baltimore

$950

$1,190

-0.8%

0.7%

Columbia

$1,580

$1,980

0.3%

3%

Glen Burnie

$1,210

$1,520

0.2%

3.3%

Ellicott City

$1,470

$1,840

-0.4%

3.5%

Dundalk

$930

$1,160

-0.1%

1.2%

Towson

$1,190

$1,500

0.5%

2.2%

Severn

$1,350

$1,700

0.4%

4.1%

Catonsville

$1,160

$1,460

0.3%

1.1%

Essex

$890

$1,120

0.5%

2%

Annapolis

$1,540

$1,930

-1.1%

2.8%

Odenton

$1,910

$2,400

0.4%

4.8%

Parkville

$1,110

$1,400

-0.2%

0.6%

Owings Mills

$1,260

$1,580

0.4%

4.2%

Perry Hall

$1,310

$1,640

-0.1%

0.7%

Reisterstown

$1,140

$1,430

-0.3%

1.5%

Middle River

$1,050

$1,310

-0.1%

-1%

Cockeysville

$1,150

$1,440

0.3%

3.1%

Elkridge

$1,580

$1,980

1%

4.1%

Aberdeen

$950

$1,190

1.1%

0.4%

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Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.